最新ベンスャヴ事情
成功するベンス
秘訣
～成功するベンスャヴ
秘訣
伊佐山
元
伊佐山
元
゚グゟンジ
゚グゟンジ
1
DCM
紹介
1.
DCM
紹介
2.
米国
VC
業界
動向
投資
ン
2.
米国
VC
業界
動向
投資
ン
3.
最近
DCM
投資先
成功例
学ぶ
4.
ベンチャ
世界
DCM
紹
介
DCM
紹
DCM
い
DCM
い
゚ヴモヴケテヴグ
IT
ベンスャヴ
投資を行う
デンゲオン
型
全米ダップベンスャ
キャヌシャ
す
型
全米ダップベンスャヴキャヌシャ
す
ネ゙ンチ
規模
16
億チャを超え
クモコントヤヴン北
京
東京
３極
渡る９名
ド
ダヂ
通信
半導体
イ
京ン東京
３極
渡る９名
ドヴダヂヴ
通信ン半導体ンイ
ンシヴネッダンソネダゞゟ゚
業界を中心
投資
成功事例
を積
重
い
す
を積
重
す
ドヴダヂヴ
多く
ベンスャヴ起業
経験
更
米国
大
手
IT
企業やプュネゟックョヂャンサヴニケネ゙ヴヘ
豊富
手
業
ック
ヂ
゙
富
経験を持
い
す
2008
年度
NVCA
全米ベンスャヴキャヌシャ協会
主
幹事
会長職
も
い
おり
米国
活動
益々活発
おり
す
Confidential & Proprietary
Web: www.dcm.com
2007
年
Early Stage VC
メンキング
AlwaysOn Network)
2007
年
Early Stage VC
メンキング
AlwaysOn Network)
y
y
)
)
1. Sequoia Capital (1972)
2. NEA - New Enterprise Associates (1978)
2. NEA New Enterprise Associates (1978)
3. Benchmark Capital (1995)
4. DFJ - Draper Fisher Jurvetson (1986)
5. Bessemer Venture Partners (1971)
6. Accel Partners (1983)
7 CRV - Charles River Ventures (1970)
7. CRV - Charles River Ventures (1970)
8. Matrix Partners (1982)
9. Greylock Partners (1965)
10.DCM (1996)
11.Lightspeed Venture Partners (2000)
12 Index Ventures (1996)
12.Index Ventures (1996)
13.NVP - Norwest Venture Partners (1961)
14.Madrona Venture Group (1995)
5
(
)
投資スヴヘ
投資スヴヘ
Carl Amdahl US)
Tom Blaisdell US)
David Chao
USンChinaンJapan)
Dixon Doll US)
Osuke Honda Gen Isayama Hurst Lin Ruby Lu Pete Moran
Japan)
y
USンJapan) China)
y
China) US)
DCM
ベントヴ
主
業績
DCM
ベントヴ
主
業績
Bridge Communications Inc
.
Confidential & Proprietary
米国
VC
業界
動向
米国
VC
業界
動向
米国
おける
VC
投資動向
米国
おける
VC
投資動向
$87 7
Amount Invested ($B)
Dollars Raised by U.S. VC Funds ($B)
$87.7
$46 3 $46.3
$36.4
$27 7 $29.9
$9.2 $11.2 $12.5
$22.2
$19.7 $23.5 $24.4
$27.7
$6 8 $6.8
Confidential & Proprietary
世界
おける
VC
投資
動向
世界
おける
VC
投資
動向
Mature Regions
High Growth Regions
USA
’06 – ’07 Growth = 8%($US B)
$23.5 $24.4 $27.7
$29.9
China
($US B)
$3.2
’06 – ’07 Growth = 83%
Europe
2007 2005 2004 2006 $1.3 $1.2 $1.8’06 – ’07 Growth = 2%
€3.8 €4.0 €4.5
€4.6
India
p
(€ B) 2007 2005 2004 2006India
($US B)Japan
2007 2005 2004 2006’06 – ’07 Growth = 19%
’06 – ’07 Growth = 195%
$0.3 $0.3 $0.3
$0.9
p
($US B) 2007 2005 2004 200606 07 Growth 19%
$1.5
$2.0 $2.4
$2.8
Confidential & Proprietary 10
Source:
Thomson VentureSource, Zero2IPO, Japan Venture Enterprise
2007 2005
VC
投資した
IT
系企業
上場実績
VC
投資した
IT
系企業
上場実績
Tech IPOs recovered nicely until end of ‘07,
b t Q1 ‘08
h
d
li
Q2 ‘08
ZERO!!!
but Q1 ‘08 saw a sharp decline,
Q2 ‘08 was ZERO!!!
Q1 2008
Confidential & Proprietary
# of U.S. Venture Backed Tech IPOs
引
続
M&A
主流
投資回収方法
引
続
M&A
主流
投資回収方法
US Outcomes by Number of Deals
800
400
600
Venture Backed M&A Venture Backed IPO
200
0
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
Q1/08Confidential & Proprietary 12
米国
投資
ン
調査機関
米国
投資
ン
調査機関
McKinsey
Quarterly
FRANK GENS
IDC
OM MALIK
GigaOM
JON BRODKIN
Gartner
NANCY WEIL
IDG Information Based BusinessConsumer VOIP Peoples Web Computing Fabrics
& Real World Web
US Election
y
g
Gartner
Prediction Market Performance Mgmt Social Network Unstructured Data Interconnecting Social Networking Web Platform & WOA Virtualization
Unbundling Mobile Network Open Mash up & Linux
Unbundling Production from Delivery Mobile Network Opens Up Open Applications
Mash up & Composite Application
Linux
Automation of
I f ti
Web Gadgets High Speed
B db d
Virtualization 2.0 Social Network S l
Information Broadband Sales
Interactions as Proficiency Online Delivery Models Effective Energy Consumption Meta Data Management Mobile Network Customer as Innovators
BRIC+9 Countries Affordable Solar Energy
BPM Green IT
Outsourcing Slow growth Pace Unified Vista
Confidential & Proprietary
Innovation Communication
Voice & Video
Microsoft RIM
VC
投資
内訳
2007
年
VC
投資
内訳
2007
年
Net share of VC’s increasing sector investment
Internet/Consumer Media Internet/Consumer Media
Consumer Hardware
Materials Science
Increase in Consumer
Consumer Communications Equipment
Infrastructure Software
IT Services
Application Software
Semiconductor Devices
Enterprise Hardware
Semiconductor Equipment
Decrease in Enterprise
Enterprise Networking Equipment
Telecom Carrier Equipment
80% 60% 40% 20% 0% 20% 40% 60% 80% 100%
Confidential & Proprietary
Source: Goldman Sachs VC Survey, 2007
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
14
DCM
今年
投資テヴマ
DCM
今年
投資テヴマ
Energy
Efficiency
Imperative
Mobile
Revolution
Disruptive
Demographic
Changes
NextGen
Online
Platform
Imperative
Changes
Platform
最近
DCM
投資先
最近
DCM
投資先
DCM
投資成功例
系譜
DCM
投資成功例
系譜
IMS
Bubble Burst VC Winter Period Bubble Burst
* M&A or IPO
2004
2005
1998
1999
2000
2001
2002
2003
2006
2007
VC Winter Period
2007年
投資回収実績
2007年
投資回収実績
Geographic diversity: 6 U.S., 1 China, 1 Japan
4 U.S. IPOs – out of 47 tech IPOs on U.S. markets in 2007
2007 IPOs
2007 M&As
4 U.S. IPOs out of 47 tech IPOs on U.S. markets in 2007
acquired by Cisco 3/30/07 (Nasdaq: CLWR) 3/7/07
(Nasdaq: HIRE) 8/1/07
Acopia
acquired by F5 9/13/2007 (Nasdaq: TNDM) 11/1/07
(fka Worksoft) (NYSE: VIT) Acquired by EchoStar (fka Worksoft) (NYSE: VIT)
12/11/07
Acquired by EchoStar Communications Corp. (Nasdaq: DISH)) 10/19/07
Confidential & Proprietary
(Jasdaq: 3846) 4/2/07
2007年
投資回収実績
2007年
投資回収実績
DCM
Series A
投資し
社外取締役
し
経営
関
した会社
2007 IPOs
2007 M&As
acquired by Cisco 3/30/07 (Nasdaq: CLWR) 3/7/07
(Nasdaq: HIRE) 8/1/07
Acopia
acquired by F5 9/13/2007 (Nasdaq: TNDM) 11/1/07
(fka Worksoft) (NYSE: VIT) Acquired by EchoStar (fka Worksoft) (NYSE: VIT)
12/11/07
Acquired by EchoStar Communications Corp. (Nasdaq: DISH)) 10/19/07
Confidential & Proprietary
成功ベンスャヴ
共通項
MBA
的
成功ベンスャヴ
共通項
MBA
的
1
急成長し
い
マ
ッ
を狙
い
1.
急成長し
い
マ
ッ
を狙
い
2.
何
ユニ
IP
参入障壁
)
を持
を持
3
良いチ
あ
3.
良いチ
あ
成功ベンスャヴ
共通項
帰納的
成功ベンスャヴ
共通項
帰納的
1
創業時
ンバ
CEO
健在
1.
創業時
ンバ
CEO
健在
2.
創業時
バ
体制
2.
創業時
バ
体制
3.
何
形
NO.1
あ
4.
顧客中心
商品
サ
ビス作
5.
得意
分野や製品
フ
カス
成功ベンスャヴ
共通項
個人的
成功ベンスャヴ
共通項
個人的
1
会社全体
ネ
ベ
高い
1.
会社全体
ネ
ベ
高い
特
CEO)
2.
起業
け
身近
問題
解決
3.
強力
信頼関係
戦友
同士
4
創業
ンバ
CEO
成功後も態度
4.
創業
ンバ
CEO
成功後も態度
変
人格もし
し
い
5. Fun Loving
個人
し
楽しい
ベンスャヴ
1.0
世界
ベンスャヴ
1.0
世界
1
起業
SV
限
北
SF
南
SJ)
1.
起業
SV
限
北
SF
南
SJ)
2. SV
技術者
世界一
2. SV
技術者
世界
3. Think Globally, Act Locally
4. VC
カ
5. Exit
NASDAQ
上場
Talent Everywhere, Markets Everywhere
Talent Everywhere, Markets Everywhere
Annual Number of Engineering Graduates (4 Year Degree)
Internet Users = 1Billion
Graduates (4 Year Degree)
(Thousands) 351 22% 28% North America Europe 122 134 36% 14% Asia Rest of World
Source: Business Week – Dec ‘05
Mobile Data Users = 1 4 Billion US Patents Granted to
Source: Nielsen/Net Ratings – Q1 2006
China India US
Mobile Data Users = 1.4 Billion US Patents Granted to
International Applicants (Thousands) 79 87 13% 28% North America Europe 48 52 48% 11% Asia Rest of World
Confidential & Proprietary
Source: ARC Group/Deutsche Bank – Nov. 2005
1992
Source: US Patent & Trademark Office
1996 2000 2004 World
Talent Everywhere, Markets Everywhere
Talent Everywhere, Markets Everywhere
Annual Number of Engineering Graduates (4 Year Degree)
Internet Users = 1Billion
Europe
Graduates (4 Year Degree)
(Thousands)
351
22% 28%
North America
Talent outside the US is abundant - but more importantly – is
maturing to embrace the technology start up mentality
122 134 36% 14% Asia Rest of World
maturing to embrace the technology start-up mentality
that was once proprietary to Silicon Valley and Route 128
.
This talent is producing the next generation of great
venture-Source: Business Week – Dec ‘05
Mobile Data Users = 1 4 Billion US Patents Granted to
Source: Nielson/Net Ratings – Q1 2006
China India US
This talent is producing the next generation of great venture
backed companies on a global basis. Combined with the
emergence of IT and capital markets in Asia, investing in
Mobile Data Users = 1.4 Billion US Patents Granted to
International Applicants (Thousands) 79 87 13% 28% North America Europe
winners and achieving exits outside the US are becoming
legitimate options for US VCs.
48 52 48%
11% Asia
Rest of World
Confidential & Proprietary
Source: ARC Group/Deutsche Bank – Nov. 2005
1992
Source: US Patent & Trademark Office
1996 2000 2004 World
26
“The World Is Flat”
“
…Globalization 1.0 was countries
Globalization 1 0 was countries
globalizing…2.0 was companies
l b li i
3 0 i th
f
d
f
globalizing…3.0 is the newfound power for
individuals to collaborate and compete
globally… And the phenomenon that is
enabling, empowering, and enjoining
g,
p
g,
j
g
individuals and small groups to go global so
easily and so seamlessly …"
easily and so seamlessly …
Global Deals Based on Headquarters
Global Deals Based on Headquarters
Silicon Valley
C B d
Confidential & Proprietary
Cross Border
28
Global Deals by Office
Global Deals by Office
Silicon Valley
C B d
Confidential & Proprietary
Confidential & Proprietary
